tv FOX Business After the Bell FOX Business September 18, 2012 4:00pm-5:00pm EDT
making the deal today. cheryl: some of the names are getting hit hard today, aren't they? >> they really are having to cut production. a tough economy, again. david: the bells are ringing on wall street. look at how stocks are finishing up and the dow pulling up just a bit. kind of like a breather day taking a deep breath after all the action last week. the down arrows are not terribly down. the small and midsized stocks, one index taking the biggest hit, that is just a quarter of a percentage point. up and down, kind of a flat day. cheryl: you know all the traders will start working their numbers. all of the news affecting your money coming up plus we are bringing in some of the top names in regulations to dig more deeply into what happened yesterday, the brief but very dramatic plunge in oil prices.
was there any foul play? david: the commission of the commodities futures going to tell us why he is actually worried about chita traders. and former chairman of the security and exchange commission will sound off on whether the sec is actually losing its focus. he calls it a dysfunctional agency. is it safe guarding capitalism but becoming too political? cheryl: first we're going to tell you what drove th the markt today in the daily download. the moves were not too dramatic crossing the unchanged line more than 65 times. investors weighing better than expected data, the housing sentiment against a disappointing outlook from federal express. consumer staples and health care as the best reformers. ending lower again the second day in a row ahead of tomorrow's inventory report.
falling 1.4% settle at $94.25 per barrel, the lowest in more than two weeks. as i mentioned, home builders, the sentiment, confidence rising to the highest level in more than six years. national association of homebuilders and the housing market index rose three points to 40, that is the fifth consecutive games for those of you keeping score. the market action for you, the s&p futures pit, executive vice president for wealth management, and jeff flock on the floor of the cme. let's start with john. go ahead. you have some movement today, while it was pretty peripatetic commie did not see much move for the drama or the depth of it was concerned. >> keep in mind tonight the bank of japan may be joining the global central bank by adding
liquidity perhaps taking connotative easing measures self in order to boost economic growth in japan. the market waiting for that. between tuesday, this morning and friday afternoon we will have nine different federal reserve presidents speaking on the latest round of quantitative easing by our fed from last week and new york fed president said it best, the fragile nature of this economic recovery remains such the fed had to add liquidity to the system. kind of a sideways trade, as traders would name it today, certainly the bank of japan. david: we still haven't figured out what happened with oil. we will get that little later, but the question of what happened, and error trade with oil losing money, that would be corrected but today doyle went down again, so when you look at that huge drop, what caused it?
>> that is the one thing we have eliminated, david, is the idea it was a fat finger, an errant trade of some sort. i don't think it could have been. everything else is possible. the combination of factors, i have heard all of these traitors, all of them have different theories about what happened. here is a crazy one, soybeans, some people got short soybeans, long soybeans, had to get out, had to sell oil, set things off. and then you had a very small, very illiquid market and eventually stocks got triggered, people that weren't even there started selling and there was nobody there to pick up the other side of that, that was my best guess. not one specific one. cheryl: that is very true. the domino effect and give us a sense of what happened to oil.
with go to about actual equities overall. quite a bit of risk. not to mention throw into it these questionable moves in the market retail investor cannot win, can they? >> it is an uphill battle, but the bold move by the fed last week putting a floor under the risk assets. that is a significant as we sort of have the beginning of the end of a growth scare. if you start to see a pickup in economic activity, the fed promised to support whatever it takes rally. that people will begin to go into risk assets. cheryl: you would say the fed wants us in equities and they would do whatever it takes. >> the markets will continue to be higher. some data where the fed expands
their balance sheet by more than 7%, it is likely to happen. cheryl: some breaking news on goldman sachs. >> that is right. the chief financial officer stepping down after a dozen years as cfo, will stay on the board of directors. he will be replaced coming up through the investment banking ranks, if you will, also has been the global cohead of the securities division and will be cfo at the end of january in next year. the longest serving chief financial officer of a major wall street firm, there for 12 years, 32 years with the firm and will remain on the board. goldman expecting to appoint additional independent directors to their board in the near term. additionally just crossing the wire, microsoft boosting the quarterly dividend by 15% of the $0.23 per share. microsoft boosting the payout by 15%. back to you. david: thank you very much.
let me go back to jim, talk about the economic growth on the market as a whole, it has been pretty miserable for the past couple of months and the latest figures that we are getting are even more discouraging. you understand why bernanke went all in when he did last week when you look at the empire state figures on manufacturing, which were terribly low, much lower than expectations and you look at the fedex warning which led to its own stock going down about 2%. does the fedex warning and the empire state warnings about manufacturing, does that weigh in on your strategy at all here, jim? >> without a doubt. liz talked about the optimism within homebuilding. that is the task in buying mortgage-backed securities. david: with all of these other figures and particularly the ones worrying ben bernanke, is that one reason strong enough to hold up the economy?
>> it has been a drag for the last couple of years, a positive of half a percent, that is a big positive in the market. manufacturing will have its ups and downs. we have had our third year of a growth slump into the summertime, but we'll start to see particularly with the fed's activity that growth start to pick up. talk about a moderate growth two, 2.5% in 22,013 on gdp, but the growth nonetheless, adding jobs to thi in this economy, c.l start to see the beginning of the end of that slump in growth, we will see some better news going forward. liz: the goldman sachs and the microsoft news, microsoft raising its dividend, the stocks are not moving too much, but do you expect there will be
tomorrow affecting the major indices? >> i don't, liz. first, microsoft. they have so much cash on hand, up in the dividend will most likely expected or built in, maybe a little bit of disappointment, the dividend hike wasn't more. goldman has eight deep bench, lot of talented, well respected firms. marginally just a little bit to the upside given the fact goldman has such a deep natural bench. david: it was only three months ago the stock was trading at $90 per share. when you look at the jump over $30 in such a short period of time we realize when things are good, things are bad, goldman continues to remain on top. thank you, gentlemen. john, we will check in with you in a couple of minutes to see how the s&p futures closed. thank you very much. a crackdown, what really happened to the energy futures yesterday causing oil to fall $4
in minutes. the jury is still out, but says he wants to know if traders could be behind it all, he will join us live. liz: a vote to end the chicago teachers strike. live on the ground with the details and the resulted could have on the report. david: which one of these retailers is adding more than 50,000 seasonal jobs this holiday season? we will tell you which one it is coming up on "after the bell." [ male announcer ] what if you had thermal night-vision goggles,
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david: shares of manchester united ending in the red. liz: let's go back to nicole petallides on the floor of the new york stock exchange with the story. nicole: we all love watching it, but when you're a shareholder, the ipo $14 per share back on august 10. here's how it finished today, $12.58 per share.
down nearly 3% today on the quarterly numbers basically needed a team effort today. lower revenue in the fourth quarter loss widened, so not good news to their first earnings report. as a publicly traded company. so we will continue to watch it very closely, but for today manchester united needs a little more go, go, go. they had fewer championship games hitting game day sales. and they got some new sponsorship deals about seven new sponsorship deal so we will see whether or not that helps in the future. liz: thank you, nicole petallides. david: at the cme group. any idea if tomorrow we'l will e more action than today? >> i think people want to drown out a couple of things me overnight. the bank of japan may be adding liquidity to the japanese bank against former quantitative easing.
hope intentions don't testify between china, japan, or in the middle east. it just doesn't happen, we expect the s&p futures to probably hold 1448 and a quarter. we might see some sideways trading, and upside gain tomorrow and holding steady. david: 4:15 p.m. eastern time. right up to the moment. thank you very much, john. appreciate it. liz: let's talk oil prices, they're extending their fall after plummeting, did you see this, more than $4 $4 a matterf minutes yesterday. we have the regulator investigating the trace behind the plunge. he is a plan to prevent future price spikes. joining me now. great to see you, thank you for coming on to shed light on what is really going on. tell me about the investigation, where it stands.
this was an unbelievably heavy trade, and it fell, the price also dramatically people are wondering what happened, do we know anything yet? >> it occurred $4 a few minutes, actually $3 in one minute. whenever you see the market move that fast, that quickly with a large volume, talk about going from 500 trades to over 10,000, whenever you see that, these high-frequency traders, the cheetah traders as i call them, those are the guys i want to look at. what i can tell you is they were heavy in the market at that time. not saying they have done anything illegal, we're still looking at it, that they were heavy in the market and you saw the price fall, that is the kind of stuff look at to see if anybody was mutilating the market. earlier you were talking about whether or not this was a fat finger.
i don't think that is probably it's because there were many traders in the market, liz. liz: that is what jeff flock was saying from the floor of the cme. and it was too sustained over a short period of time. 1:53 p.m. eastern time, 500 oil contracts were trading, 1:54, 12,500. so obviously something is happening. how do you investigate a market spasm like this? what do you start looking for? >> it is a normal thing for us to get all the trading information and start slicing and dicing it. our guys have been working very hard at doing that, that is why i can tell you about the fat finger thing i think was pretty much ruled out. i can also tell you the cheetah traders were in massive amounts into the market this time. we start looking at who was doing what. there is also the link between what was going on not just in the west texas intermediate crude market, the trade on the
nymex, but also in the relationship between what was happening at the intercontinental exchange which trades brent in london. those things may have some relationship, and we're looking at all of this stuff working in an appropriate sense with our fellow regulators in the uk. liz: same type of picture, but if we were to to compare it to t happened yesterday, pretty much the same maneuvering. the superfast high-speed traders that you speak of, let's talk about them, do they work on rumors? perhaps the obama administration would tap the strategic petroleum reserve. the administration said absolutely not, we are not discussing that right now, but our rumors illegal? it spreads like wildfire. is there something illegal about that? especially if somebody is profiting always?
>> the futures market is different than the equities market, there is not even in our market for example insider trading ban. if you have insider information about what you think something is happening, you can trade on it in our market because they're trying to predict what is happening in the futures market. rumors would not move prices like we saw yesterday the matter what rumor was out there, that is a huge price list. one of the things that concerns me about the cheetah traders is we continue to see these things. this wasn't just a one off. we saw natural gas last year dropped 8% in 15 seconds, we saw silver drops 12% in 13 minutes. we even saw earlier this year with the price of crude dropped 10% in a day, but the stuff that happens in a confined space that draws up our antenna as regulators. liz: the spidey sense comes up,
but at some point you want these guys to register. does that change anything about their behavior? >> i think so. you can always assume what people will do things, but until they'rthey are actually regulatu don't know. the cheaters are not regulated, we have to be sure the super scary algorithmic programs, they test them before they're put into the live production environment and cause problems, and we need third, a kill switch in case the cheetah programs are off to the races, they actually stop themselves before they do damage to the market and more importantly to consumers. liz: i don't think he is going feral anytime soon. a very important issue here. thank you, do us a favor, when you get more information about what happened with this trade, we would love to have you back. >> sure, liz. thank you very much. david: has the sec become a
political troll of folks who want to hamstring capitalism in america? that is what former security and exchange commission harvey pitt is very concerned about. he makes his case why the sec has completely lost its way. liz: chicago's teachers union voting today on if it will end the strike, now in the seventh day. we are live on the scene with the very latest. and how the strike could affect next month's job report and that in turn could affect the market. [ female announcer ] you want family dinner to be special.
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david: it is time for the quick speed read of the other headlines. check the scoreboard, tied 2-2. first minute, anti-american protests spreading. killing u.s. ambassador to libya. reports of a suicide bomber killed at least a dozen people in afghanistan. more than 500 protested outside u.s. embassy in indonesia. meanwhile, kohl's is ramping up the holiday hiring with more than 53,000 workers headed for the holiday season. financial resources closing eight mines as the coal producer/production. layoffs 10% of office workforce. in ranking last in on-time performance in july, new report by the u.s. department of transportation says more than one third of flights were delayed last month. 11 billionaires giving pleasure and promising to give away half of their wealth, an organization
launched by bill gates and warren buffett two years ago. and that is today's speed read. i think we missed one or something because we have six seconds. [buzzer] there we go. moving on. liz: chicago teachers striking for a second week as thousands of public students still have not attended classes this school year. david: joining us now, steve brown has the very latest and peter barnes in washington, d.c., with a look at how the strike could impact the upcoming jobs report. steve brown live in chicago. steve. >> liz and david, thank you very much. yes, behind me is the meeting of the house of delegates, congress if you will, chicago teachers union meeting for third time in five days. this is expected, they will actually take a vote on whether or not to end the strike going seven schooldays, or nine days
if you include the weekend. interesting comment coming from the president of the union who has been very outspoken and critical of the school system and the mayor, rahn emanuel. said when she began to talk to folks about all of this on the table, she said "i said, look, this is an austerity contract, not a contract we can get all we want. we are in austerity times, there are things they would like to have that they can't have at this moment. further, later she said she will not tell people how to vote this moment." today, if there is a vote. but she says she would vote for the contract comin come as closa recommendation. the appeal on the table that would end the teachers strike and put 355 kids back to school as early as tomorrow. expecting some kind of a vote today.
although it is not guaranteed. we saw the same thing on sunday gathering in anticipation of a new vote, talk it over at the school level, and it looks like today is the day. how long it'll take to get to that point, we don't know. the meeting is just underway 20 minutes in. back to you. liz: thank you very much. steve brown. david: a look at how the thousands of striking teachers could change the employment report. >> right in the middle of the election in which jobs are kind of a big issue. let's go through the math. 26,000 teachers who are striking aid under labor department procedures if they are not back to work by the end of their pay. this friday, they will subtract them from all the payroll number for september. with nonfarm payroll 100,000 jobs per month the last six months, that could look ugly
when the report is released october 5, a month from the election day. if teachers are back on the job, they would be added back into the payroll support for that month released november 2 giving the payroll number a little boost five days before the election. it is debatable if the monthly swing of 26,000 jobs plus or minus will have a big impact on the election when voters know overall jobs, the picture has not been good. >> the president could get lucky, a few days before the election and have a better report overall. between him and the election. i don't think so. >> think that this point they have a big impact on the election, the job numbers would have to be really, really good or really, really bad for the next two months. sounds like with the vote coming up in the next this afternoon, i
had fun. liz: is the security and exchange commission getting too political? here to tell us why he is actually worried they are losing their focus next. david: guess which airline is the worst when it comes to on-time arrivals. we all have our favorites and not so favorites, we will tell you after the break. you can take your guess on our facebook page and let us know what your favorite airline or least favorite airline is. facebook.com/afterthebell. [ male announcer ] you are a business pro.
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closer to reaching energy independence but also at the same time change the employment picture for the better. david: this guy has skin in the game. what are they and how are they being developed. howard newman. pan brook ceo. >> great to be here. david: we're all familiar what impact fracking had on natural gas. we have more natural gas than we know what to do with that we ca literally use. but it is the oil situation. fracking can be used to extract oil. will that be a big mover to moving the price of oil in the world? >> that's a good question. the potential for fracking of oil is immense. not appreciated in the u.s. because of fracking, fracturing technologies the past two years the united states increased its production of crude oil and natural gas liquids by 1.3 million barrels a day. by the end of this year it
may be two million barrels a day. that is on a base of five. david: that is enough to move the price in the market? >> that is i am men's. it can -- immense. it can move the price in the market. liz: meaning more energy jobs available. what are the numbers? the obama administration said 600, 700,000 jobs could be created. do you feel that is a ballpark figure? >> that the number for natural gas, 600,000 is for natural gas. oil is probably another two million jobs. combination of these two technologies can bring back more than a third of the jobs that were lost in the great recession. liz: but there would be training involved. just doesn't happen instantaneously, does it? >> no. it happens over time, over two, three, 4-year period. but if you look at the united states economy overall, for every 100, $115,000 of gdp we get one job in this country. for every million barrels of oil you import, you don't, you save, for five million
barrels a day you would save about 2 billion barrels a year. $200 billion. so, that is where your $200 million comes from. it takes place over three or 4-year period. david: howard, you're something who is in the industry and obviously has a personal interest in bringing up gas and oil from fracking. however, you have a ph.d from harvard. two degrees from yale. you know how to talk the talk. you don't think all regulation is bad. what regulation works in your business and what doesn't work? >> good question. so the reality is these technologies, horizontal drilling, fracturing, they're big industrial processes. all big industrial processes have environmental consequences. the regulation that works would be regulation which is clear and consistent. so that the energy industry can price it into the cost of doing business. we've seen estimates, for example, you can handle all the environmental issues in natural gas for maybe 25
cents an mcf. remember gas used to be $8 an mcf. now $3 an mcf. liz: was even 14. >> extra 10 or 20 cents doesn't matter. on oil side it is 4, $5 a barrel. liz: as we finish up. charlie monger of berkshire hathaway is pretty smart guy. he says exxonmobil is one of the best run companies. the government would be better if it ran itself like exxonmobil. he said it is stupid idea to use our own resources that gaining energy independence is dumb. we should use up the bad guys's energy as much as possible an conserving our own. that is different way of thinking. >> that is different way of thinking. he started from the premise that resources are limited. i start that resources are limited because of technology. we've seen new resources from the technology. david: nobody realized 20 years ago how much oil we have through fracking. i don't know what research we'll have 10 years from
now. >> taert. but the betting is it will be more. david: howard, thank you for coming in. liz: thank you very much. some say the securities & exchange commission may be getting its priorities mixed up. are the regulations maybe leaning a little too politically? former sec chair harvey pitt tells us what he thinks next. david: apple hitting a new milestone today. seems like every day it is a new milestone. today it closed above the $700 mark for the first time. with such a hefty price are will investors begin to shy away? that's next ♪
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securities will become cfo end of january. microsoft will pay 23 cents a share dividend starting in december. bank of america tells fox business that some customers may experience occasional slowness of a denial of service attack on its website. a group claiming to be allied with muslims is claiming responsibility. claiming apinger over american zionism and mocking the prophet muhammad. no way to prove that the group claiming responsibility is islamic hey! did you know that honey nut cheerios
has oats that can help lower cholesterol? and it tastes good? sure does! wow. it's the honey, it makes it taste so... well, would you look at the time... what's the rush? be happy. be healthy. david: the purpose of securities laws and agencies like the sec is to ensure capitalism flourishes in our democracy but a former head of the sec says that agenda is getting buried by those who want to use the sec and
political regs to further social goals that could weaken capitalism. that man is harvey pitt, the former chairman of the sec. he joins us now. harvey, that is quite a charge the we have heard charges the administration used other regulatory bodies, for example, the epa to push social and political dpepds today. you say the same is happening with the sec how? >> well i think it is happening in a number of ways. first of all the legislative agenda that has been pursued has gotten the sec involved with issues that are far remote from capitalism and facilitating capitalism. the sec should be about restoring full, free and fair markets and that's not happening right now. david: so the prime directive of the sec had always been securing the economic interests of shareholders. i mean very simple. you're saying that has been replaced by pursuing social interests and political goals? >> i think that's right correct. you can see that in the
dodd-frank which has 2313 pages of completely tangental goals to what capitalism is all about. david: you have all the activist shareholders meetings and proxy movement and so forth. organizations like the iss, institutional shareholders services which had been used by shareholders in the past for legitimate goals. has that sort of been hijacked by people with more political goals? occupy wall street people and folks like that? >> it has. there's clearly a movement to get corporations and their shareholders to get invested in issues of a social agenda. and it really doesn't matter what side of those issues you're on. basically the goal of corporations is to make money for their shareholders. that's the primary goal and that's what will produce a better economy and more jobs
for our citizens but that's getting lost in a lot of the actions we're now seeing. david: well, meanwhile, you have facebook, the ipo debacle with facebook. you have the jpmorgan trade. you have flash crashes, et cetera. lord knows what happened with oil yesterday. so are these real serious concerns, economic concerns being overlooked by the sec because they're focused on these other matters? >> i think they are and i think the question of the role of technology and proper functioning of our markets is a critical issue that needs to be resolved. we can not have these kind of failures, due to technology, and not have appropriate considered responses from the regulators. david: now, harvey you have used some very tough language for your fellows at the sec. by the way, we should mention you're the head of a historical society that looks at the sec, the sec
historical society. you look at thing in the context of its entire history. you say the sec at present is completely dysfunctional. what leads you to say that? >> well you had an issue with respect to money market mutual funds and the question about whether there should be more regulation or not. and whether you support the issue of the need for more regulation, the commissioners could not agree on putting out a rule proposal even if there were a majority opposed to it, they could not come up with a compromise and that suggests that the agency has become polarized and is not functioning the way it was intended to function. david: well, by the way, we have to use this as the last question. it is supposed to be a nonpartisan agency. there are five members of the sec. only three of them can be from any particular political party. used to be we would have sort of majority rules but are we having these 3-2
splits right now? is that all how they are breaking down? >> we seem to be back to 3-2 splits. seems to suggest that the art of compromise is being lost. david: harvey pitt, former sec chairman. great to see you. >> great to be with you. liz: art of compromise. remember that? we need a little more of that inside the beltway. apple surging to a new all-time high today, trading above $700. heck above $701 per share. hey, i know some of you are thinking is it too late to buy to get in on the tech giant's stock? that's next. david: also not all hoarding is bad. hidden treasures found inside one home is worth millions. this guy had $200 in his checking account. wait until you hear the details when we go "off the desk". that is a.i.d. on the "after the bell."
share. the company announced yesterday that orders for the new iphone topped two million in just the first 24 hours. david: to put it in context, the phone accounts for 2/3 of the company's profits. is it all priced in at these levels? sandra smith is looking to answers for this. sandy. >> 51 analysts that cover apple shares say absolutely not. you would be hard-pressed to find anybody who is willing to step in front of this train right now. as of the close of trading today. look at this. we have a full screen that shows you average analyst recommendation. even with apple closing at 700 as a buy, 38 out of 51 brokers have a buy rating. zero had a sell rating on it. average price target of all 51 analysts, 781.50 a share. another $81 gain from where it is. here is what is key. it is still cheap. price-to-earnings ratio on current earnings estimates is still under 16. 15.6.
that is considered very cheap in the investing world. a lot of folks are calling for higher. big upgrade from bank of america merrill lynch analyst. they're calling $850 a share. they're pinning it on the iphone. they're saying we could see 10 million by end of the week. we could see 50 million unit sales of iphone in last quarter. this will be key determining whether the stock goes higher. >> if you're looking for whipped cream on top of the sundae you have anticipation after mini ipad. >> absolutely. that is the next big up-and-coming thing. the other big question will tim cook enact a stock split? there is a lot of speculation whether or not that will happen. we know steve jobs was against that, even though there had been three previous. anybody who holds this stock from $100 a share, you're thinking that is not fair but there is a lot of speculation. bernstein research put out a note speculating there could be a stock split. investors are divided. they either love it or hate
it. that could be the next big thing. this company is making stuff and thriving in what many are considering a very slow economic recovery. david: what is in the shadows, people forefor -- forgot about it, apple tv. >> that is still talked about. david: we haven't seen it yet. tomorrow's trades today coming next. liz: plus google goes to hollywood. more like hollywood goes to google. we'll take you "off the desk" to explain that one next i know the name of eight princesses. i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you.
so let's talk about coverage. based on this chart, who would you choose ? wow. you guys take a minute. zon, hands down. i'm going to show you guys another chart. pretty obvious. i don't think color matters. pretty obvious. what'sretty obvious about it ? that verizon has the coverage. verin. verizon. we're going to go to another chart. it doesn't really matter how you present it. it doesn't matter how you present it. verizon. more 4g lte coverage than all other networks combined. woman: what do you mean, homeowners insurance doesn't cover floods? [ heart rate increases ] man: a few inches of water caused all this? [ heart rate increases ] woman #2: but i don't even live near the water. what you don't know about flood insurance may shock you -- including the fact that a preferred risk policy
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liz: let's go "off the desk". hollywood meets silicon valley. actors vince vaughn and owen wilson, yeah, those two are filming a new movie on the google campus this week. it is called the internship. it is about two middle-aged salesman who somehow get internships at search giant after getting laid off. that would never happen. you need s.a.t. scores through the roof. rating for the flim is still being determined. i have to see that. david: a nevada man who died in his home had $200 in his bank account but got $7 million worth of gold coins and bars in his home. actually, maybe more than that when they add up all the prices of collectable gold coins.
the man named walter was known as a rec clues and no one knew he was hoaring gold. he wasn't working since 1968 but lived off his stock investments. $7 million. the tax collector wants that. liz: can i have one of those bars, a free sample? david: that's all? liz: time for the top three things you need to watch tomorrow. number three, dallas federal reserve president richard fisher set to speak in new york. the fed president has been pretty vocal about his disapproval of more quantitative easing by the fed. david: number two, housing starts. we're all looking at housing. they eased 1.1% but following a 8.6% rebound the month before. tomorrow economists are expecting 2.5% gain. liz the number one thing to watch tomorrow, david will be existing home sales. sales rebounded 2.3% in july, reversing a 5.4% decline in june. existing home sales account for a larger share